SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company”) today
announced its results for its second quarter and six months ended
June 30, 2017.
For the second quarter and six months ended
June 30, 2017, net loss attributable to SEACOR Marine Holdings
Inc. was $34.0 million ($1.93 per diluted share) and $41.4 million
($2.34 per diluted share), respectively. For the second
quarter and six months ended June 30, 2016, net loss
attributable to SEACOR Marine Holdings Inc. was $30.6 million
($1.73 per diluted share) and $42.5 million ($2.41 per diluted
share), respectively.
John Gellert, the Company’s Chief Executive
Officer, commented:
“The second quarter of 2017 was
transformational for SEACOR Marine. Following our spin-off
from SEACOR Holdings, we are now a company with a single investment
focus on offshore marine services. We are
well-positioned for the future due to our financial stability
and specialized fleet focused on production and maintenance
services.
“Direct vessel profit (“DVP”) declined in the
second quarter to $1.5 million from $4.5 million in the first
quarter. Our six months results included reactivation and
mobilization costs of $12.1 million on bringing cold-stacked
vessels into active service plus main engine overhaul costs of
$4.0 million. We believe the additional expenses (and
use of cash) from reactivating equipment will prove worthwhile, and
our active fleet experienced increased overall utilization in the
second quarter, especially in our U.S. liftboat and North Sea
windfarm operations. Although our business mix is increasingly
seasonal and the outlook for platform supply and anchor handling
towing supply vessels continues to be challenging, we believe that
demand for our mix of assets is better today than last year and
will continue to improve.
“Our balance sheet and operating results for the
quarter reflect the consolidation of: (i) the Sea-Cat Crewzer joint
ventures owning four catamarans following the acquisition of our
partners’ 50% interest at the end of April and (ii) Falcon Global
LLC (“Falcon Global”), our partnership owning two newbuild
liftboats in the Middle East, when we obtained voting control at
the end of the first quarter. The acquired interests in
the catamarans and the newly delivered liftboats further diversify
our asset base and, we believe, offer good prospects for the
future.
"Finally, I am pleased to announce that one of
our subsidiaries entered into a definitive agreement to create a
joint venture with Montco Offshore, Inc. pursuant to which we and
Montco would contribute in the aggregate 19 liftboat vessels to the
venture, including Falcon Global’s two newbuild liftboats. Montco
had previously filed a voluntary petition for relief under U.S.
bankruptcy laws and today the bankruptcy court has approved our
subsidiary as the sponsor of Montco’s plan of reorganization.
Closing would occur after Montco’s plan of reorganization has
been approved. Additional details about the transaction will be set
forth in a Current Report on Form 8-K that we intend to file
tomorrow.”
Net loss attributable to SEACOR Marine Holdings
Inc. for the second quarter ended June 30, 2017 of $34.0
million ($1.93 per diluted share) compared with a net loss of $7.4
million ($0.42 per diluted share) for the first quarter ended
March 31, 2017. Results for the second quarter ended
June 30, 2017 included:
- Reactivation and mobilization costs of $6.9 million on
activating cold-stacked vessels;
- Maintenance costs of $4.0 million on the replacement of
main engines in two fast support vessels (expensed rather than
capitalized in accordance with the Company’s capital expenditure
policies);
- Administrative and general expenses of $6.7 million on the
accelerated vesting of share awards previously granted to Company
personnel by SEACOR Holdings Inc. (the Company’s former parent
company, “SEACOR Holdings”) upon the Company’s spin-off from SEACOR
Holdings;
- Administrative and general expenses of $3.4 million on
non-deductible spin-off related expenses reimbursed to SEACOR
Holdings upon the Company’s spin-off from SEACOR Holdings;
- Non-cash impairment charges of $5.7 million primarily
associated with one leased-in supply vessel removed from service as
it is not expected to be marketed prior to being returned to its
owner;
- A full quarter’s results for the two foreign-flag liftboats
owned and operated by Falcon Global, a 50% owned and consolidated
subsidiary of the Company. During the preceding quarter, the
Company’s partner declined to participate in a capital call from
Falcon Global and, as a consequence, the Company obtained 100%
voting control of Falcon Global and began to consolidate Falcon
Global effective March 31, 2017, which at that time had cash on
hand of $1.9 million and total debt of $58.3 million;
and
- Two month’s results for four high speed catamaran fast support
vessels owned and operated by Sea-Cat Crewzer LLC and Sea-Cat
Crewzer II LLC (collectively “Sea-Cat Crewzers”), each a 100% owned
and consolidated subsidiary of the Company. On April 28, 2017, the
Company acquired 100% controlling interests in Sea-Cat Crewzers
through the acquisition of its partners’ 50% ownership interests
for $15.7 million. At the time of acquisition, Sea-Cat Crewzers had
cash on hand of $5.9 million and total debt of $41.2 million.
The Company’s DVP for the six months ended June 30, 2017
and the one-time costs of $10.1 million associated with the
Company’s spin-off from SEACOR Holdings significantly affected
cash provided by operating activities. This release includes
a table presenting cash from operating activities for the previous
five quarters highlighting the impact.
A comparison of results for the second quarter
ended June 30, 2017 with the preceding quarter ended
March 31, 2017 is included below.
Operating Revenues. Time
charter revenues were $8.1 million higher compared with the
preceding quarter. On a total fleet basis, time charter
revenues increased by $1.9 million from improved utilization on the
active fleet, $3.4 million from improved utilization on the net
reactivation of cold-stacked vessels, $2.2 million from net fleet
additions (primarily due to Falcon Global and Sea-Cat Crewzers),
and $0.6 million due to favorable changes in currency exchange
rates.
During the six months ended June 30, 2017,
the Company reactivated 13 vessels from cold-stacked status,
cold-stacked five previously active vessels, sold two cold-stacked
vessels and removed from service two cold-stacked vessels.
On a total fleet basis, excluding wind farm
utility vessels but including cold-stacked vessels (those that are
not currently available for active service), utilization of the
fleet increased from 38% to 43%, and average rates per day worked
increased by 2% from $8,272 to $8,431. Days available for
charter were 7% higher in the second quarter primarily due to net
fleet additions and more operating days during the quarter.
This release includes a table presenting time charter statistics by
vessel class.
Direct Vessel Profit (“DVP”) by
Region. DVP generated by the Company’s operating
regions was $1.5 million compared with $4.5 million in the
preceding quarter, a $3.0 million decline. Improvements in
operating revenues of $8.0 million were offset by increased direct
operating costs of $11.0 million. Personnel costs were $3.8
million higher primarily from the net reactivation of cold-stacked
vessels and net fleet additions. Repairs and maintenance
costs were $6.8 million higher primarily from the replacement of
main engines in two fast support vessels for $4.0 million.
Results by region are as follows:
United States, primarily Gulf of Mexico.
Direct vessel loss was $1.1 million compared with $1.8 million in
the preceding quarter, a $0.7 million improvement. Time
charter revenues were $1.9 million higher, including $2.2 million
for the liftboat fleet, primarily from improved utilization on the
net reactivation of cold-stacked vessels. On a total fleet
basis, including cold-stacked vessels, utilization increased from
7% to 13%, and average rates per day worked decreased from $10,133
to $9,619. Days available for charter were 2% higher in the
second quarter primarily due to more operating days during the
quarter. Improvements in operating revenues of $2.3 million
were offset by increased direct operating costs of $1.6 million.
Personnel costs were $1.1 million higher primarily as the
result of the net reactivation of cold-stacked vessels. As of
June 30, 2017, the Company had 32 of 42 owned and leased-in vessels
cold-stacked in the U.S. (ten anchor handling towing supply
vessels, 16 fast support vessels, five liftboats and one specialty
vessel) compared with 35 of 44 vessels as of March 31, 2017.
As of June 30, 2017, the Company had one anchor handling towing
supply vessel, one fast support vessel and one supply vessel
retired and removed from service in this region.
Africa, primarily West Africa. Direct
vessel loss was $1.3 million compared with DVP of $0.4 million in
the preceding quarter, a $1.7 million decline. Time charter
revenues were $1.9 million higher primarily due to net fleet
additions. On a total fleet basis, including cold-stacked
vessels, utilization increased from 61% to 67%, and average rates
per day worked increased from $9,388 to $10,348. Days available for
charter were 10% higher in the second quarter primarily due to net
fleet additions and more operating days during the quarter.
Improvements in operating revenues of $2.0 million were more than
offset by increased direct operating costs of $3.7 million.
Repairs and maintenance costs were $2.7 million higher primarily
from the replacement of main engines in one fast support vessel for
$2.0 million. As of June 30, 2017, the Company had one of 14
owned and leased-in vessels cold-stacked in Africa (one specialty
vessel) compared with one of 13 vessels as of March 31, 2017.
As of June 30, 2017, the Company had two fast support vessels
retired and removed from service in this region.
Middle East and Asia. Direct vessel loss
was $3.3 million compared with DVP of $0.5 million in the preceding
quarter, a $3.8 million decline. Time charter revenues were
$1.6 million higher primarily as the result of improved utilization
of the active fleet, improved utilization on the net reactivation
of cold-stacked vessels and net fleet additions. On a total
fleet basis, including cold-stacked vessels, utilization increased
from 49% to 55%, and average rates per day worked decreased from
$7,017 to $6,580. Days available for charter were 21% higher
in the second quarter primarily due to net fleet additions and more
operating days during the quarter. Improvements in operating
revenues of $0.8 million were offset by increased direct operating
costs of $4.6 million. Personnel costs were $1.0 million
higher primarily due to net fleet additions. Repairs and
maintenance costs were $3.4 million higher primarily from the
replacement of main engines in one fast support vessel for $2.0
million. As of June 30, 2017, the Company had three of 23
owned vessels cold-stacked in the Middle East and Asia (one supply
vessel and two windfarm utility vessels) compared with two of 21
vessels as of March 31, 2017.
Brazil, Mexico, Central and South America.
DVP was $1.0 million compared with $1.2 million in the preceding
quarter. As of June 30, 2017, the Company had one of four
owned vessels cold-stacked in Brazil, Mexico, Central and South
America (one fast support vessel) compared with one of three
vessels as of March 31, 2017. As of June 30, 2017, the
Company had one supply vessel retired and removed from service in
this region.
Europe, primarily North Sea. DVP was $6.2
million compared with $4.2 million in the preceding quarter, a $2.0
million improvement. Time charter revenues were $2.6 million
higher, including $2.1 million from the wind farm utility fleet on
seasonally improved market conditions, as a result of improved
utilization of the active fleet of $2.0 million and favorable
changes in currency exchange rates of $0.6 million. For the
standby safety fleet, utilization was unchanged at 80%, and average
rates per day worked increased from $8,131 to $8,457. For the
wind farm utility fleet, utilization increased from 69% to 95%, and
average rates per day worked increased from $2,005 to $2,124.
Administrative and
general. Administrative and general expenses were
$9.9 million higher compared with the preceding quarter primarily
due to one-time costs associated with the Company’s spin-off from
SEACOR Holdings on June 1, 2017. The Company incurred an
additional expense of $6.7 million on the accelerated vesting of
share awards previously granted to Company personnel by SEACOR
Holdings and an additional expense of $3.4 million on
non-deductible spin-off related expenses reimbursed to SEACOR
Holdings.
Depreciation and
amortization. Depreciation expenses were $2.1
million higher compared with the preceding quarter primarily due to
net fleet additions.
Asset Dispositions and
Impairments. During the second quarter, the Company
recognized impairment charges of $5.7 million primarily associated
with one leased-in supply vessel removed from service as it is not
expected to be marketed prior to being returned to its owner and
sold one supply vessel, two offshore support vessels previously
retired and removed from service, and other equipment for net
proceeds of $1.2 million and losses of $0.6 million. During
the preceding quarter, the Company sold two liftboats, two offshore
support vessels previously retired and removed from service, and
other equipment for net proceeds of $8.8 million ($8.3 million in
cash and $0.5 million of previously received deposits) and gains of
$4.8 million.
Interest expense.
Interest expense was $1.4 million higher compared with the
preceding quarter primarily due to the debt facilities of Falcon
Global and Sea-Cat Crewzers.
Marketable security
activities. During the preceding quarter, marketable
security gains of $11.7 million were primarily due to realized
gains on a long security position exited by the Company.
Equity in earnings of 50% or less owned
companies. Equity earnings were $1.1 million higher
compared with the preceding quarter primarily due to equity losses
recognized during the preceding quarter from Falcon Global.
Capital Commitments. As
of June 30, 2017, the Company had unfunded capital commitments
of $76.4 million that included six fast support vessels, three
supply vessels and one wind farm utility vessel. These
commitments included $15.4 million for one supply vessel that may
be assumed by a third party at their option. The Company’s
capital commitments by year of expected payment are as follows (in
thousands):
Remainder of 2017 |
|
|
|
$ |
10,457 |
|
2018 |
|
|
|
50,960 |
|
2019 |
|
|
|
13,219 |
|
2020 |
|
|
|
1,800 |
|
|
|
|
|
$ |
76,436 |
|
Subsequent to June 30, 2017, the Company
committed to purchase additional equipment for $12.3 million.
Liquidity and Debt. As of
June 30, 2017, the Company’s balances of cash, cash
equivalents, restricted cash, marketable securities and
construction reserve funds totaled $221.3 million and its total
outstanding debt was $315.5 million (net of $35.7 million in
discount and issue costs).
SEACOR Marine is among the leading providers of
global marine and support transportation services to offshore oil
and gas exploration, development and production facilities
worldwide. SEACOR Marine currently operates a diverse fleet of
offshore support and specialty vessels that deliver cargo and
personnel to offshore installations; handle anchors and mooring
equipment required to tether rigs to the seabed; tow rigs and
assist in placing them on location and moving them between regions;
provides construction, well workover and decommissioning support;
and carry and launch equipment used underwater in drilling and well
installation, maintenance and repair. Additionally, SEACOR
Marine’s vessels provide accommodations for technicians and
specialists, and provide safety support and emergency response
services.
Certain statements discussed in this release as
well as in other reports, materials and oral statements that the
Company releases from time to time to the public constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally, words such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,”
“plan,” “target,” “forecast” and similar expressions are intended
to identify forward-looking statements. Such forward-looking
statements concern management’s expectations, strategic objectives,
business prospects, anticipated economic performance and financial
condition and other similar matters. These statements are not
guarantees of future performance and actual events or results may
differ significantly from these statements. Actual events or
results are subject to significant known and unknown risks,
uncertainties and other important factors, including decreased
demand and loss of revenues as a result of a decline in the price
of oil and resulting decrease in capital spending by oil and gas
companies, an oversupply of newly built offshore support vessels,
additional safety and certification requirements for drilling
activities in the U.S. Gulf of Mexico and delayed approval of
applications for such activities, the possibility of U.S.
government implemented moratoriums directing operators to cease
certain drilling activities in the U.S. Gulf of Mexico and any
extension of such moratoriums, weakening demand for the Company’s
services as a result of unplanned customer suspensions,
cancellations, rate reductions or non-renewals of vessel charters
or failures to finalize commitments to charter vessels in response
to a decline in the price of oil, an oversupply of newly built
offshore support vessels, increased government legislation and
regulation of the Company’s businesses could increase cost of
operations, increased competition if the Jones Act and related
regulations are repealed, liability, legal fees and costs in
connection with the provision of emergency response services, such
as the response to the oil spill as a result of the sinking of the
Deepwater Horizon in April 2010, decreased demand for the Company’s
services as a result of declines in the global economy, declines in
valuations in the global financial markets and a lack of liquidity
in the credit sectors, including, interest rate fluctuations,
availability of credit, inflation rates, change in laws, trade
barriers, commodity prices and currency exchange fluctuations, the
cyclical nature of the oil and gas industry, activity in foreign
countries and changes in foreign political, military and economic
conditions, including as a result of the recent vote in the U.K. to
leave the European Union, changes in foreign and domestic oil and
gas exploration and production activity, safety record
requirements, compliance with U.S. and foreign government laws and
regulations, including environmental laws and regulations and
economic sanctions, the dependence on several key customers,
consolidation of the Company’s customer base, the ongoing need to
replace aging vessels, industry fleet capacity, restrictions
imposed by the Jones Act and related regulations on the amount of
foreign ownership of the Company’s Common Stock, operational risks,
effects of adverse weather conditions and seasonality, adequacy of
insurance coverage, the ability to remediate the material
weaknesses the Company has identified in its internal controls over
financial reporting, the attraction and retention of qualified
personnel by the Company, and various other matters and factors,
many of which are beyond the Company’s control as well as those
discussed in “Risk Factors” included in the Information Statement
filed as Exhibit 99.1 to Amendment No. 3 to the Company’s
Registration Statement on Form 10 and other reports filed by the
Company with the SEC. It should be understood that it is not
possible to predict or identify all such factors.
Consequently, the preceding should not be considered to be a
complete discussion of all potential risks or uncertainties.
Forward-looking statements speak only as of the date of the
document in which they are made. The Company disclaims any
obligation or undertaking to provide any updates or revisions to
any forward-looking statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which the forward-looking statement is based,
except as required by law. It is advisable, however, to
consult any further disclosures the Company makes on related
subjects in its filings with the Securities and Exchange
Commission, including Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K (if
any). These statements constitute the Company’s cautionary
statements under the Private Securities Litigation Reform Act of
1995.
For additional information, contact Jesus Llorca,
Executive Vice President - Corporate Development and Secretary, at
(985) 876-5400 or visit SEACOR Marine’s website at
www.seacormarine.com.
|
SEACOR MARINE HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
LOSS(in thousands, except share data,
unaudited) |
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Operating Revenues |
|
|
$ |
42,323 |
|
|
|
$ |
57,271 |
|
|
|
$ |
76,627 |
|
|
|
$ |
117,150 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
44,482 |
|
|
|
44,245 |
|
|
|
77,861 |
|
|
|
93,095 |
|
Administrative and general |
|
|
21,705 |
|
|
|
11,929 |
|
|
|
33,531 |
|
|
|
24,327 |
|
Depreciation and amortization |
|
|
14,633 |
|
|
|
15,254 |
|
|
|
27,136 |
|
|
|
30,092 |
|
|
|
|
80,820 |
|
|
|
71,428 |
|
|
|
138,528 |
|
|
|
147,514 |
|
Losses on Asset
Dispositions and Impairments, Net |
|
|
(6,318 |
) |
|
|
(20,357 |
) |
|
|
(1,499 |
) |
|
|
(20,737 |
) |
Operating Loss |
|
|
(44,815 |
) |
|
|
(34,514 |
) |
|
|
(63,400 |
) |
|
|
(51,101 |
) |
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
275 |
|
|
|
987 |
|
|
|
1,125 |
|
|
|
2,398 |
|
Interest
expense |
|
|
(4,546 |
) |
|
|
(2,585 |
) |
|
|
(7,728 |
) |
|
|
(4,943 |
) |
SEACOR
Holdings management fees |
|
|
(1,283 |
) |
|
|
(1,925 |
) |
|
|
(3,208 |
) |
|
|
(3,850 |
) |
SEACOR
Holdings guarantee fees |
|
|
(75 |
) |
|
|
(31 |
) |
|
|
(151 |
) |
|
|
(157 |
) |
Marketable security gains (losses), net |
|
|
(109 |
) |
|
|
(2,492 |
) |
|
|
11,629 |
|
|
|
(6,077 |
) |
Derivative gains (losses), net |
|
|
(213 |
) |
|
|
163 |
|
|
|
(302 |
) |
|
|
3,061 |
|
Foreign
currency losses, net |
|
|
(1,094 |
) |
|
|
(819 |
) |
|
|
(1,283 |
) |
|
|
(2,379 |
) |
Other,
net |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
265 |
|
|
|
|
(7,045 |
) |
|
|
(6,702 |
) |
|
|
81 |
|
|
|
(11,682 |
) |
Loss Before Income Tax
Benefit and Equity in Earnings (Losses) of 50% or Less Owned
Companies |
|
|
(51,860 |
) |
|
|
(41,216 |
) |
|
|
(63,319 |
) |
|
|
(62,783 |
) |
Income Tax Benefit |
|
|
(13,800 |
) |
|
|
(13,742 |
) |
|
|
(17,222 |
) |
|
|
(20,568 |
) |
Loss Before Equity in
Earnings (Losses) of 50% or Less Owned Companies |
|
|
(38,060 |
) |
|
|
(27,474 |
) |
|
|
(46,097 |
) |
|
|
(42,215 |
) |
Equity in Earnings
(Losses) of 50% or Less Owned Companies, Net of Tax |
|
|
1,571 |
|
|
|
(3,315 |
) |
|
|
2,009 |
|
|
|
(1,154 |
) |
Net Loss |
|
|
(36,489 |
) |
|
|
(30,789 |
) |
|
|
(44,088 |
) |
|
|
(43,369 |
) |
Net Loss attributable
to Noncontrolling Interests in Subsidiaries |
|
|
(2,497 |
) |
|
|
(209 |
) |
|
|
(2,701 |
) |
|
|
(830 |
) |
Net Loss attributable
to SEACOR Marine Holdings Inc. |
|
|
$ |
(33,992 |
) |
|
|
$ |
(30,580 |
) |
|
|
$ |
(41,387 |
) |
|
|
$ |
(42,539 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Losses Per Common Share of SEACOR Marine Holdings Inc. |
|
|
$ |
(1.93 |
) |
|
|
$ |
(1.73 |
) |
|
|
$ |
(2.34 |
) |
|
|
$ |
(2.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Weighted Average Common Shares Outstanding |
|
|
17,631,567 |
|
|
|
17,671,356 |
|
|
|
17,651,352 |
|
|
|
17,671,356 |
|
|
SEACOR MARINE HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
LOSS(in thousands, except per share data,
unaudited) |
|
|
|
|
Three Months Ended |
|
|
|
Jun. 30,2017 |
|
|
Mar. 31,2017 |
|
|
Dec. 31,2016 |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
Operating
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time
charter |
|
|
$ |
38,803 |
|
|
|
$ |
30,730 |
|
|
|
$ |
38,047 |
|
|
|
$ |
47,473 |
|
|
|
$ |
49,234 |
|
Bareboat
charter |
|
|
1,156 |
|
|
|
1,143 |
|
|
|
1,169 |
|
|
|
1,967 |
|
|
|
3,045 |
|
Other
marine services |
|
|
2,364 |
|
|
|
2,431 |
|
|
|
5,145 |
|
|
|
4,685 |
|
|
|
4,992 |
|
|
|
|
42,323 |
|
|
|
34,304 |
|
|
|
44,361 |
|
|
|
54,125 |
|
|
|
57,271 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating, excluding leased-in equipment |
|
|
40,792 |
|
|
|
29,788 |
|
|
|
28,459 |
|
|
|
36,628 |
|
|
|
39,793 |
|
Operating, leased-in equipment |
|
|
3,690 |
|
|
|
3,591 |
|
|
|
4,212 |
|
|
|
4,531 |
|
|
|
4,452 |
|
Administrative and general |
|
|
21,705 |
|
|
|
11,826 |
|
|
|
14,393 |
|
|
|
10,588 |
|
|
|
11,929 |
|
Depreciation and amortization |
|
|
14,633 |
|
|
|
12,503 |
|
|
|
13,764 |
|
|
|
14,213 |
|
|
|
15,254 |
|
|
|
|
80,820 |
|
|
|
57,708 |
|
|
|
60,828 |
|
|
|
65,960 |
|
|
|
71,428 |
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
|
|
(6,318 |
) |
|
|
4,819 |
|
|
|
(66,252 |
) |
|
|
(29,233 |
) |
|
|
(20,357 |
) |
Operating Loss |
|
|
(44,815 |
) |
|
|
(18,585 |
) |
|
|
(82,719 |
) |
|
|
(41,068 |
) |
|
|
(34,514 |
) |
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
275 |
|
|
|
850 |
|
|
|
1,087 |
|
|
|
973 |
|
|
|
987 |
|
Interest
expense |
|
|
(4,546 |
) |
|
|
(3,182 |
) |
|
|
(2,553 |
) |
|
|
(2,512 |
) |
|
|
(2,585 |
) |
SEACOR
Holdings management fees |
|
|
(1,283 |
) |
|
|
(1,925 |
) |
|
|
(1,925 |
) |
|
|
(1,925 |
) |
|
|
(1,925 |
) |
SEACOR
Holdings guarantee fees |
|
|
(75 |
) |
|
|
(76 |
) |
|
|
(78 |
) |
|
|
(80 |
) |
|
|
(31 |
) |
Marketable security gains (losses), net |
|
|
(109 |
) |
|
|
11,738 |
|
|
|
4,413 |
|
|
|
1,619 |
|
|
|
(2,492 |
) |
Derivative gains (losses), net |
|
|
(213 |
) |
|
|
(89 |
) |
|
|
(82 |
) |
|
|
16 |
|
|
|
163 |
|
Foreign
currency gains (losses), net |
|
|
(1,094 |
) |
|
|
(189 |
) |
|
|
151 |
|
|
|
(1,084 |
) |
|
|
(819 |
) |
Other,
net |
|
|
— |
|
|
|
(1 |
) |
|
|
(1,756 |
) |
|
|
1 |
|
|
|
— |
|
|
|
|
(7,045 |
) |
|
|
7,126 |
|
|
|
(743 |
) |
|
|
(2,992 |
) |
|
|
(6,702 |
) |
Loss Before Income Tax
Benefit and Equity in Earnings (Losses) of 50% or Less Owned
Companies |
|
|
(51,860 |
) |
|
|
(11,459 |
) |
|
|
(83,462 |
) |
|
|
(44,060 |
) |
|
|
(41,216 |
) |
Income Tax Benefit |
|
|
(13,800 |
) |
|
|
(3,422 |
) |
|
|
(27,638 |
) |
|
|
(15,263 |
) |
|
|
(13,742 |
) |
Loss Before Equity in
Earnings (Losses) of 50% or Less Owned Companies |
|
|
(38,060 |
) |
|
|
(8,037 |
) |
|
|
(55,824 |
) |
|
|
(28,797 |
) |
|
|
(27,474 |
) |
Equity in Earnings
(Losses) of 50% or Less Owned Companies, Net of Tax |
|
|
1,571 |
|
|
|
438 |
|
|
|
(5,950 |
) |
|
|
790 |
|
|
|
(3,315 |
) |
Net Loss |
|
|
(36,489 |
) |
|
|
(7,599 |
) |
|
|
(61,774 |
) |
|
|
(28,007 |
) |
|
|
(30,789 |
) |
Net Loss attributable
to Noncontrolling Interests in Subsidiaries |
|
|
(2,497 |
) |
|
|
(204 |
) |
|
|
(199 |
) |
|
|
(74 |
) |
|
|
(209 |
) |
Net Loss attributable
to SEACOR Marine Holdings Inc. |
|
|
$ |
(33,992 |
) |
|
|
$ |
(7,395 |
) |
|
|
$ |
(61,575 |
) |
|
|
$ |
(27,933 |
) |
|
|
$ |
(30,580 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Losses Per Common Share of SEACOR Marine Holdings Inc. |
|
|
$ |
(1.93 |
) |
|
|
$ |
(0.42 |
) |
|
|
$ |
(3.48 |
) |
|
|
$ |
(1.58 |
) |
|
|
$ |
(1.73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Weighted Average Common Shares of Outstanding |
|
|
17,632 |
|
|
|
17,671 |
|
|
|
17,671 |
|
|
|
17,671 |
|
|
|
17,671 |
|
Common Shares
Outstanding at Period End |
|
|
17,671 |
|
|
|
17,671 |
|
|
|
17,671 |
|
|
|
17,671 |
|
|
|
17,671 |
|
|
SEACOR MARINE HOLDINGS
INC.TIME CHARTER
STATISTICS(unaudited) |
|
|
|
|
Three Months Ended |
|
|
|
Jun. 30,2017 |
|
|
Mar. 31,2017 |
|
|
Dec. 31,2016 |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
Rates Per Day
Worked: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor
handling towing supply |
|
|
$ |
10,774 |
|
|
|
$ |
13,341 |
|
|
|
$ |
13,686 |
|
|
|
$ |
16,469 |
|
|
|
$ |
20,828 |
|
Fast
support |
|
|
8,086 |
|
|
|
7,417 |
|
|
|
7,875 |
|
|
|
7,848 |
|
|
|
7,636 |
|
Supply |
|
|
6,028 |
|
|
|
11,707 |
|
|
|
6,298 |
|
|
|
5,935 |
|
|
|
5,709 |
|
Standby
safety |
|
|
8,457 |
|
|
|
8,131 |
|
|
|
8,284 |
|
|
|
8,904 |
|
|
|
9,632 |
|
Specialty |
|
|
12,000 |
|
|
|
— |
|
|
|
37,024 |
|
|
|
30,593 |
|
|
|
18,642 |
|
Liftboats |
|
|
10,315 |
|
|
|
9,782 |
|
|
|
13,486 |
|
|
|
16,822 |
|
|
|
11,852 |
|
Overall Average Rates Per Day
Worked(excluding wind farm utility) |
|
|
8,431 |
|
|
|
8,272 |
|
|
|
9,093 |
|
|
|
10,089 |
|
|
|
10,354 |
|
Wind farm
utility |
|
|
2,124 |
|
|
|
2,005 |
|
|
|
2,104 |
|
|
|
2,260 |
|
|
|
2,394 |
|
Overall Average Rates Per Day Worked |
|
|
5,649 |
|
|
|
5,726 |
|
|
|
6,308 |
|
|
|
6,834 |
|
|
|
7,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor
handling towing supply |
|
|
24 |
% |
|
|
15 |
% |
|
|
20 |
% |
|
|
27 |
% |
|
|
33 |
% |
Fast
support |
|
|
43 |
% |
|
|
44 |
% |
|
|
47 |
% |
|
|
62 |
% |
|
|
69 |
% |
Supply |
|
|
48 |
% |
|
|
20 |
% |
|
|
19 |
% |
|
|
31 |
% |
|
|
27 |
% |
Standby
safety |
|
|
80 |
% |
|
|
80 |
% |
|
|
81 |
% |
|
|
78 |
% |
|
|
77 |
% |
Specialty |
|
|
5 |
% |
|
|
— |
% |
|
|
23 |
% |
|
|
58 |
% |
|
|
81 |
% |
Liftboats |
|
|
16 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
|
8 |
% |
|
|
6 |
% |
Overall Fleet Utilization (excluding wind farm
utility) |
|
|
43 |
% |
|
|
38 |
% |
|
|
39 |
% |
|
|
47 |
% |
|
|
50 |
% |
Wind farm
utility |
|
|
90 |
% |
|
|
65 |
% |
|
|
71 |
% |
|
|
86 |
% |
|
|
77 |
% |
Overall Fleet Utilization |
|
|
56 |
% |
|
|
46 |
% |
|
|
47 |
% |
|
|
58 |
% |
|
|
57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available
Days: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor
handling towing supply |
|
|
1,274 |
|
|
|
1,260 |
|
|
|
1,564 |
|
|
|
1,483 |
|
|
|
1,365 |
|
Fast
support |
|
|
3,684 |
|
|
|
3,212 |
|
|
|
3,312 |
|
|
|
2,389 |
|
|
|
2,174 |
|
Supply |
|
|
580 |
|
|
|
630 |
|
|
|
953 |
|
|
|
1,109 |
|
|
|
1,140 |
|
Standby
safety |
|
|
1,820 |
|
|
|
1,800 |
|
|
|
1,840 |
|
|
|
1,989 |
|
|
|
2,104 |
|
Specialty |
|
|
273 |
|
|
|
270 |
|
|
|
337 |
|
|
|
276 |
|
|
|
273 |
|
Liftboats |
|
|
1,365 |
|
|
|
1,265 |
|
|
|
1,380 |
|
|
|
1,380 |
|
|
|
1,365 |
|
Overall Fleet Available Days(excluding
wind farm utility) |
|
|
8,996 |
|
|
|
8,437 |
|
|
|
9,386 |
|
|
|
8,626 |
|
|
|
8,421 |
|
Wind farm
utility |
|
|
3,367 |
|
|
|
3,330 |
|
|
|
3,404 |
|
|
|
3,345 |
|
|
|
3,276 |
|
Overall Fleet Available Days |
|
|
12,363 |
|
|
|
11,767 |
|
|
|
12,790 |
|
|
|
11,971 |
|
|
|
11,697 |
|
|
SEACOR MARINE HOLDINGS
INC.DIRECT VESSEL PROFIT (“DVP”) BY
REGION(in thousands, except for statistics,
unaudited) |
|
|
|
|
Three Months Ended |
|
|
|
Jun. 30,2017 |
|
|
Mar. 31,2017 |
|
|
Dec. 31,2016 |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
United States,
primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time
charter |
|
|
$ |
4,889 |
|
|
|
$ |
2,995 |
|
|
|
$ |
2,694 |
|
|
|
$ |
6,440 |
|
|
|
$ |
8,726 |
|
Other
marine services |
|
|
1,198 |
|
|
|
826 |
|
|
|
906 |
|
|
|
1,083 |
|
|
|
1,054 |
|
|
|
|
6,087 |
|
|
|
3,821 |
|
|
|
3,600 |
|
|
|
7,523 |
|
|
|
9,780 |
|
Direct operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,183 |
|
|
|
3,130 |
|
|
|
3,310 |
|
|
|
4,865 |
|
|
|
6,368 |
|
Repairs
and maintenance |
|
|
937 |
|
|
|
737 |
|
|
|
551 |
|
|
|
768 |
|
|
|
643 |
|
Drydocking |
|
|
310 |
|
|
|
573 |
|
|
|
19 |
|
|
|
(8 |
) |
|
|
175 |
|
Insurance
and loss reserves |
|
|
1,205 |
|
|
|
805 |
|
|
|
484 |
|
|
|
1,200 |
|
|
|
680 |
|
Fuel,
lubes and supplies |
|
|
545 |
|
|
|
310 |
|
|
|
112 |
|
|
|
533 |
|
|
|
234 |
|
Other |
|
|
51 |
|
|
|
72 |
|
|
|
(36 |
) |
|
|
118 |
|
|
|
28 |
|
|
|
|
7,231 |
|
|
|
5,627 |
|
|
|
4,440 |
|
|
|
7,476 |
|
|
|
8,128 |
|
Direct Vessel Profit
(Loss) |
|
|
$ |
(1,144 |
) |
|
|
$ |
(1,806 |
) |
|
|
$ |
(840 |
) |
|
|
$ |
47 |
|
|
|
$ |
1,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment
(included in operating costs and expenses) |
|
|
$ |
2,205 |
|
|
|
$ |
2,211 |
|
|
|
$ |
2,215 |
|
|
|
$ |
2,040 |
|
|
|
$ |
1,858 |
|
Time Charter
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
average rates per day worked |
|
|
$ |
9,619 |
|
|
|
$ |
10,133 |
|
|
|
$ |
9,316 |
|
|
|
$ |
13,810 |
|
|
|
$ |
17,109 |
|
Overall
fleet utilization |
|
|
13 |
% |
|
|
7 |
% |
|
|
7 |
% |
|
|
14 |
% |
|
|
17 |
% |
Overall
fleet available days |
|
|
4,063 |
|
|
|
3,998 |
|
|
|
4,169 |
|
|
|
3,264 |
|
|
|
3,040 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
221 |
|
|
|
159 |
|
|
|
32 |
|
|
|
8 |
|
|
|
69 |
|
Out-of-service days for cold-stacked status |
|
|
3,070 |
|
|
|
3,456 |
|
|
|
3,794 |
|
|
|
2,466 |
|
|
|
2,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa,
primarily West Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time
charter |
|
|
$ |
7,786 |
|
|
|
$ |
5,847 |
|
|
|
$ |
8,072 |
|
|
|
$ |
8,593 |
|
|
|
$ |
8,902 |
|
Other
marine services |
|
|
215 |
|
|
|
192 |
|
|
|
582 |
|
|
|
238 |
|
|
|
131 |
|
|
|
|
8,001 |
|
|
|
6,039 |
|
|
|
8,654 |
|
|
|
8,831 |
|
|
|
9,033 |
|
Direct operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,428 |
|
|
|
2,608 |
|
|
|
3,024 |
|
|
|
3,195 |
|
|
|
3,324 |
|
Repairs
and maintenance |
|
|
3,234 |
|
|
|
544 |
|
|
|
694 |
|
|
|
441 |
|
|
|
522 |
|
Drydocking |
|
|
683 |
|
|
|
1,057 |
|
|
|
(103 |
) |
|
|
617 |
|
|
|
426 |
|
Insurance
and loss reserves |
|
|
357 |
|
|
|
182 |
|
|
|
144 |
|
|
|
147 |
|
|
|
36 |
|
Fuel,
lubes and supplies |
|
|
704 |
|
|
|
559 |
|
|
|
790 |
|
|
|
748 |
|
|
|
598 |
|
Other |
|
|
871 |
|
|
|
646 |
|
|
|
221 |
|
|
|
890 |
|
|
|
883 |
|
|
|
|
9,277 |
|
|
|
5,596 |
|
|
|
4,770 |
|
|
|
6,038 |
|
|
|
5,789 |
|
Direct Vessel Profit
(Loss) |
|
|
$ |
(1,276 |
) |
|
|
$ |
443 |
|
|
|
$ |
3,884 |
|
|
|
$ |
2,793 |
|
|
|
$ |
3,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment
(included in operating costs and expenses) |
|
|
$ |
969 |
|
|
|
$ |
970 |
|
|
|
$ |
972 |
|
|
|
$ |
974 |
|
|
|
$ |
975 |
|
Time Charter
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
average rates per day worked |
|
|
$ |
10,348 |
|
|
|
$ |
9,388 |
|
|
|
$ |
10,511 |
|
|
|
$ |
9,858 |
|
|
|
$ |
9,938 |
|
Overall
fleet utilization |
|
|
67 |
% |
|
|
61 |
% |
|
|
53 |
% |
|
|
62 |
% |
|
|
65 |
% |
Overall
fleet available days |
|
|
1,123 |
|
|
|
1,019 |
|
|
|
1,445 |
|
|
|
1,401 |
|
|
|
1,373 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
125 |
|
|
|
19 |
|
|
|
56 |
|
|
|
58 |
|
|
|
37 |
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
180 |
|
|
|
507 |
|
|
|
289 |
|
|
|
273 |
|
|
SEACOR MARINE HOLDINGS
INC.DIRECT VESSEL PROFIT (“DVP”) BY REGION
(continued)(in thousands, except for statistics,
unaudited) |
|
|
|
|
Three Months Ended |
|
|
|
Jun. 30,2017 |
|
|
Mar. 31,2017 |
|
|
Dec. 31,2016 |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
Middle East and
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time
charter |
|
|
$ |
7,415 |
|
|
|
$ |
5,823 |
|
|
|
$ |
10,187 |
|
|
|
$ |
12,763 |
|
|
|
$ |
10,554 |
|
Other
marine services |
|
|
109 |
|
|
|
877 |
|
|
|
2,935 |
|
|
|
2,566 |
|
|
|
2,641 |
|
|
|
|
7,524 |
|
|
|
6,700 |
|
|
|
13,122 |
|
|
|
15,329 |
|
|
|
13,195 |
|
Direct operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,147 |
|
|
|
3,123 |
|
|
|
4,367 |
|
|
|
4,778 |
|
|
|
5,058 |
|
Repairs
and maintenance |
|
|
3,947 |
|
|
|
576 |
|
|
|
1,539 |
|
|
|
1,394 |
|
|
|
1,659 |
|
Drydocking |
|
|
358 |
|
|
|
158 |
|
|
|
5 |
|
|
|
719 |
|
|
|
(284 |
) |
Insurance
and loss reserves |
|
|
353 |
|
|
|
346 |
|
|
|
118 |
|
|
|
199 |
|
|
|
151 |
|
Fuel,
lubes and supplies |
|
|
908 |
|
|
|
524 |
|
|
|
802 |
|
|
|
961 |
|
|
|
1,498 |
|
Other |
|
|
1,061 |
|
|
|
1,465 |
|
|
|
851 |
|
|
|
790 |
|
|
|
827 |
|
|
|
|
10,774 |
|
|
|
6,192 |
|
|
|
7,682 |
|
|
|
8,841 |
|
|
|
8,909 |
|
Direct Vessel Profit
(Loss) |
|
|
$ |
(3,250 |
) |
|
|
$ |
508 |
|
|
|
$ |
5,440 |
|
|
|
$ |
6,488 |
|
|
|
$ |
4,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment
(included in operating costs and expenses) |
|
|
$ |
516 |
|
|
|
$ |
346 |
|
|
|
$ |
836 |
|
|
|
$ |
1,254 |
|
|
|
$ |
1,123 |
|
Time Charter
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
average rates per day worked |
|
|
$ |
6,580 |
|
|
|
$ |
7,017 |
|
|
|
$ |
9,083 |
|
|
|
$ |
10,179 |
|
|
|
$ |
8,649 |
|
Overall
fleet utilization |
|
|
55 |
% |
|
|
49 |
% |
|
|
58 |
% |
|
|
63 |
% |
|
|
61 |
% |
Overall
fleet available days |
|
|
2,067 |
|
|
|
1,710 |
|
|
|
1,932 |
|
|
|
1,988 |
|
|
|
2,002 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
122 |
|
|
|
50 |
|
|
|
3 |
|
|
|
24 |
|
|
|
73 |
|
Out-of-service days for cold-stacked status |
|
|
304 |
|
|
|
320 |
|
|
|
186 |
|
|
|
— |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil, Mexico,
Central and South America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bareboat
charter |
|
|
$ |
1,156 |
|
|
|
$ |
1,143 |
|
|
|
$ |
1,169 |
|
|
|
$ |
1,967 |
|
|
|
$ |
3,045 |
|
Other
marine services |
|
|
162 |
|
|
|
75 |
|
|
|
76 |
|
|
|
220 |
|
|
|
498 |
|
|
|
|
1,318 |
|
|
|
1,218 |
|
|
|
1,245 |
|
|
|
2,187 |
|
|
|
3,543 |
|
Direct operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
148 |
|
|
|
13 |
|
|
|
24 |
|
|
|
198 |
|
|
|
367 |
|
Repairs
and maintenance |
|
|
116 |
|
|
|
4 |
|
|
|
5 |
|
|
|
20 |
|
|
|
59 |
|
Insurance
and loss reserves |
|
|
4 |
|
|
|
7 |
|
|
|
6 |
|
|
|
— |
|
|
|
(12 |
) |
Fuel,
lubes and supplies |
|
|
27 |
|
|
|
— |
|
|
|
(172 |
) |
|
|
— |
|
|
|
112 |
|
Other |
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
(56 |
) |
|
|
75 |
|
|
|
|
298 |
|
|
|
25 |
|
|
|
(137 |
) |
|
|
162 |
|
|
|
601 |
|
Direct Vessel
Profit |
|
|
$ |
1,020 |
|
|
|
$ |
1,193 |
|
|
|
$ |
1,382 |
|
|
|
$ |
2,025 |
|
|
|
$ |
2,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment
(included in operating costs and expenses) |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
(1 |
) |
|
|
$ |
180 |
|
|
|
$ |
367 |
|
Time Charter
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
average rates per day worked |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
Overall
fleet utilization |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Overall
fleet available days |
|
|
105 |
|
|
|
90 |
|
|
|
184 |
|
|
|
170 |
|
|
|
83 |
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
90 |
|
|
|
184 |
|
|
|
170 |
|
|
|
83 |
|
|
SEACOR MARINE HOLDINGS
INC.DIRECT VESSEL PROFIT (“DVP”) BY REGION
(continued)(in thousands, except for statistics,
unaudited) |
|
|
|
|
Three Months Ended |
|
|
|
Jun. 30,2017 |
|
|
Mar. 31,2017 |
|
|
Dec. 31,2016 |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
Europe,
primarily North Sea |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time
charter |
|
|
$ |
18,713 |
|
|
|
$ |
16,065 |
|
|
|
$ |
17,094 |
|
|
|
$ |
19,677 |
|
|
|
$ |
21,052 |
|
Other
marine services |
|
|
680 |
|
|
|
461 |
|
|
|
646 |
|
|
|
578 |
|
|
|
668 |
|
|
|
|
19,393 |
|
|
|
16,526 |
|
|
|
17,740 |
|
|
|
20,255 |
|
|
|
21,720 |
|
Direct operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
8,671 |
|
|
|
7,917 |
|
|
|
8,157 |
|
|
|
9,827 |
|
|
|
10,724 |
|
Repairs
and maintenance |
|
|
2,191 |
|
|
|
1,734 |
|
|
|
1,955 |
|
|
|
2,194 |
|
|
|
2,544 |
|
Drydocking |
|
|
900 |
|
|
|
1,279 |
|
|
|
210 |
|
|
|
696 |
|
|
|
1,646 |
|
Insurance
and loss reserves |
|
|
207 |
|
|
|
219 |
|
|
|
240 |
|
|
|
163 |
|
|
|
248 |
|
Fuel,
lubes and supplies |
|
|
1,006 |
|
|
|
949 |
|
|
|
907 |
|
|
|
957 |
|
|
|
911 |
|
Other |
|
|
237 |
|
|
|
250 |
|
|
|
235 |
|
|
|
274 |
|
|
|
293 |
|
|
|
|
13,212 |
|
|
|
12,348 |
|
|
|
11,704 |
|
|
|
14,111 |
|
|
|
16,366 |
|
Direct Vessel
Profit |
|
|
$ |
6,181 |
|
|
|
$ |
4,178 |
|
|
|
$ |
6,036 |
|
|
|
$ |
6,144 |
|
|
|
$ |
5,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment
(included in operating costs and expenses) |
|
|
$ |
— |
|
|
|
$ |
64 |
|
|
|
$ |
190 |
|
|
|
$ |
83 |
|
|
|
$ |
129 |
|
Time Charter
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
rates per day worked - Standby safety |
|
|
$ |
8,457 |
|
|
|
$ |
8,131 |
|
|
|
$ |
8,284 |
|
|
|
$ |
8,904 |
|
|
|
$ |
9,632 |
|
Fleet
utilization - Standby safety |
|
|
80 |
% |
|
|
80 |
% |
|
|
81 |
% |
|
|
78 |
% |
|
|
77 |
% |
Fleet
available days - Standby safety |
|
|
1,820 |
|
|
|
1,800 |
|
|
|
1,840 |
|
|
|
1,989 |
|
|
|
2,104 |
|
Average
rates per day worked - Wind farm utility |
|
|
$ |
2,124 |
|
|
|
$ |
2,005 |
|
|
|
$ |
1,991 |
|
|
|
$ |
2,083 |
|
|
|
$ |
2,235 |
|
Fleet
utilization - Wind farm utility |
|
|
95 |
% |
|
|
69 |
% |
|
|
73 |
% |
|
|
89 |
% |
|
|
79 |
% |
Fleet
available days - Wind farm utility |
|
|
3,185 |
|
|
|
3,150 |
|
|
|
3,220 |
|
|
|
3,161 |
|
|
|
3,094 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
124 |
|
|
|
173 |
|
|
|
130 |
|
|
|
136 |
|
|
|
211 |
|
|
SEACOR MARINE HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (NON-GAAP PRESENTATION)(in thousands,
unaudited) |
|
|
|
|
Three Months Ended |
|
|
|
Jun. 30,2017 |
|
|
Mar. 31,2017 |
|
|
Dec. 31,2016 |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
Cash Flows from
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
DVP(1) |
|
|
$ |
1,531 |
|
|
|
$ |
4,516 |
|
|
|
$ |
15,902 |
|
|
|
$ |
17,497 |
|
|
|
$ |
17,478 |
|
Operating, leased-in equipment (excluding amortization of deferred
gains) |
|
|
(5,740 |
) |
|
|
(5,641 |
) |
|
|
(6,262 |
) |
|
|
(6,580 |
) |
|
|
(6,502 |
) |
Administrative and general (excluding provisions for bad debts and
amortization of restricted stock) |
|
|
(22,596 |
) |
|
|
(10,267 |
) |
|
|
(10,113 |
) |
|
|
(10,588 |
) |
|
|
(11,929 |
) |
SEACOR
Holdings management and guarantee fees |
|
|
(1,358 |
) |
|
|
(2,001 |
) |
|
|
(2,003 |
) |
|
|
(2,005 |
) |
|
|
(1,956 |
) |
Other,
net (excluding non-cash losses) |
|
|
— |
|
|
|
(1 |
) |
|
|
(272 |
) |
|
|
1 |
|
|
|
— |
|
Dividends
received from 50% or less owned companies |
|
|
1,642 |
|
|
|
— |
|
|
|
406 |
|
|
|
— |
|
|
|
371 |
|
|
|
|
(26,521 |
) |
|
|
(13,394 |
) |
|
|
(2,342 |
) |
|
|
(1,675 |
) |
|
|
(2,538 |
) |
Changes
in operating assets and liabilities before interest and income
taxes |
|
|
18,635 |
|
|
|
24,903 |
|
|
|
(14,377 |
) |
|
|
(8,383 |
) |
|
|
(6,369 |
) |
Purchases
of marketable securities |
|
|
— |
|
|
|
— |
|
|
|
(14,321 |
) |
|
|
(286 |
) |
|
|
(1,658 |
) |
Proceeds
from sale of marketable securities |
|
|
— |
|
|
|
51,877 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cash
settlements on derivative transactions, net |
|
|
(166 |
) |
|
|
(22 |
) |
|
|
(285 |
) |
|
|
(80 |
) |
|
|
(216 |
) |
Interest
paid, excluding capitalized interest |
|
|
(3,626 |
) |
|
|
— |
|
|
|
(2,280 |
) |
|
|
1,238 |
|
|
|
(1,656 |
) |
Interest
received |
|
|
275 |
|
|
|
2,372 |
|
|
|
(291 |
) |
|
|
1,832 |
|
|
|
126 |
|
Income
taxes (paid) refunded, net |
|
|
(157 |
) |
|
|
(440 |
) |
|
|
21,208 |
|
|
|
(204 |
) |
|
|
2,493 |
|
Net cash
provided by (used in) operating activities (GAAP Measure) |
|
|
(11,560 |
) |
|
|
65,296 |
|
|
|
(12,688 |
) |
|
|
(7,558 |
) |
|
|
(9,818 |
) |
Cash Flows from
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
of property and equipment, excluding capitalized interest |
|
|
(17,006 |
) |
|
|
(9,484 |
) |
|
|
(16,153 |
) |
|
|
(35,202 |
) |
|
|
(23,380 |
) |
Capitalized interest paid |
|
|
(1,654 |
) |
|
|
(659 |
) |
|
|
(1,925 |
) |
|
|
(1,764 |
) |
|
|
(1,553 |
) |
Cash
settlements on derivative transactions, net |
|
|
— |
|
|
|
(324 |
) |
|
|
(342 |
) |
|
|
(31 |
) |
|
|
— |
|
Proceeds
from disposition of property and equipment |
|
|
1,252 |
|
|
|
8,297 |
|
|
|
37,800 |
|
|
|
980 |
|
|
|
2,901 |
|
Construction reserve funds (deposits) withdrawals, net |
|
|
15,678 |
|
|
|
(5,268 |
) |
|
|
(16,310 |
) |
|
|
6 |
|
|
|
76,683 |
|
Net
investing activities in property and equipment |
|
|
(1,730 |
) |
|
|
(7,438 |
) |
|
|
3,070 |
|
|
|
(36,011 |
) |
|
|
54,651 |
|
Net
investing activities in 50% or less owned companies |
|
|
(1,733 |
) |
|
|
4,956 |
|
|
|
(8,661 |
) |
|
|
(2,008 |
) |
|
|
(1,891 |
) |
Net
investing activities in third party notes receivable |
|
|
— |
|
|
|
— |
|
|
|
(380 |
) |
|
|
— |
|
|
|
50 |
|
Net
increase in restricted cash |
|
|
(13 |
) |
|
|
(349 |
) |
|
|
(67 |
) |
|
|
(1,120 |
) |
|
|
— |
|
Cash
assumed on consolidation of 50% or less owned companies |
|
|
— |
|
|
|
1,943 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Business
acquisitions, net of cash acquired |
|
|
(9,751 |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net cash
provided by (used in) investing activities (GAAP Measure) |
|
|
(13,227 |
) |
|
|
(888 |
) |
|
|
(6,038 |
) |
|
|
(39,139 |
) |
|
|
52,810 |
|
Cash Flows from
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments
on long-term debt |
|
|
(2,800 |
) |
|
|
(1,173 |
) |
|
|
(2,027 |
) |
|
|
(487 |
) |
|
|
(22,498 |
) |
Proceeds
from issuance of debt, net of issue costs |
|
|
(173 |
) |
|
|
3,396 |
|
|
|
6,564 |
|
|
|
13,920 |
|
|
|
22,463 |
|
Distribution of SEACOR Marine restricted stock to Company personnel
by SEACOR Holdings |
|
|
(2,656 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Purchase
of subsidiary shares from noncontrolling interests |
|
|
(3,693 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net cash
provided by (used in) financing activities (GAAP Measure) |
|
|
(9,322 |
) |
|
|
2,223 |
|
|
|
4,537 |
|
|
|
13,433 |
|
|
|
(35 |
) |
Effects of Exchange
Rate Changes on Cash and Cash Equivalents |
|
|
858 |
|
|
|
269 |
|
|
|
(979 |
) |
|
|
(385 |
) |
|
|
(829 |
) |
Net Increase (Decrease)
in Cash and Cash Equivalents |
|
|
(33,251 |
) |
|
|
66,900 |
|
|
|
(15,168 |
) |
|
|
(33,649 |
) |
|
|
42,128 |
|
Cash and Cash
Equivalents, Beginning of Year |
|
|
184,209 |
|
|
|
117,309 |
|
|
|
132,477 |
|
|
|
166,126 |
|
|
|
123,998 |
|
Cash and Cash
Equivalents, End of Year |
|
|
$ |
150,958 |
|
|
|
$ |
184,209 |
|
|
|
$ |
117,309 |
|
|
|
$ |
132,477 |
|
|
|
$ |
166,126 |
|
______________________
(1) Direct vessel profit (defined as operating revenues
less operating expenses excluding leased-in equipment and as
presented in the preceding table, “DVP”) is our measure of
segment profitability when applied to individual segments and a
non-GAAP measure when applied on a consolidated basis for the
combined fleet. We believe that DVP is a critical financial measure
to analyze and compare the operating performance of our individual
vessels, fleet categories and combined fleet, without regard to
financing decisions (depreciation for owned vessels vs. leased-in
expense for leased-in vessels). DVP is also useful when comparing
our fleet’s performance against those of our competitors who may
have differing fleet financing structures. DVP has
material limitations as an analytical tool in that it
does not reflect all of the costs associated with the operation of
our fleet, and it should not be considered in isolation or used as
a substitute for our results as reported under GAAP.
|
SEACOR MARINE HOLDINGS
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, unaudited) |
|
|
|
|
Jun. 30,2017 |
|
|
Mar. 31,2017 |
|
|
Dec. 31,2016 |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
$ |
150,958 |
|
|
|
$ |
184,209 |
|
|
|
$ |
117,309 |
|
|
|
$ |
132,477 |
|
|
|
$ |
166,126 |
|
Restricted cash |
|
|
1,824 |
|
|
|
1,811 |
|
|
|
1,462 |
|
|
|
1,120 |
|
|
|
— |
|
Marketable securities |
|
|
688 |
|
|
|
785 |
|
|
|
40,139 |
|
|
|
22,894 |
|
|
|
22,221 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade,
net of allowance for doubtful accounts |
|
|
43,475 |
|
|
|
48,044 |
|
|
|
44,830 |
|
|
|
62,326 |
|
|
|
61,533 |
|
Due from
SEACOR Holdings |
|
|
— |
|
|
|
— |
|
|
|
19,102 |
|
|
|
— |
|
|
|
— |
|
Other |
|
|
11,957 |
|
|
|
11,701 |
|
|
|
21,316 |
|
|
|
18,864 |
|
|
|
13,701 |
|
Inventories |
|
|
3,376 |
|
|
|
3,421 |
|
|
|
3,058 |
|
|
|
3,165 |
|
|
|
3,219 |
|
Prepaid
expenses and other |
|
|
3,719 |
|
|
|
3,068 |
|
|
|
3,349 |
|
|
|
2,460 |
|
|
|
3,141 |
|
Total
current assets |
|
|
215,997 |
|
|
|
253,039 |
|
|
|
250,565 |
|
|
|
243,306 |
|
|
|
269,941 |
|
Property and
Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
1,155,155 |
|
|
|
1,089,176 |
|
|
|
958,759 |
|
|
|
1,058,048 |
|
|
|
1,098,914 |
|
Accumulated depreciation |
|
|
(543,822 |
) |
|
|
(534,522 |
) |
|
|
(540,619 |
) |
|
|
(552,018 |
) |
|
|
(556,909 |
) |
|
|
|
611,333 |
|
|
|
554,654 |
|
|
|
418,140 |
|
|
|
506,030 |
|
|
|
542,005 |
|
Construction in progress |
|
|
90,335 |
|
|
|
83,710 |
|
|
|
123,801 |
|
|
|
122,633 |
|
|
|
101,914 |
|
Net
property and equipment |
|
|
701,668 |
|
|
|
638,364 |
|
|
|
541,941 |
|
|
|
628,663 |
|
|
|
643,919 |
|
Investments, at Equity,
and Advances to 50% or Less Owned Companies |
|
|
100,719 |
|
|
|
114,767 |
|
|
|
138,311 |
|
|
|
133,011 |
|
|
|
130,034 |
|
Construction Reserve
Funds |
|
|
67,799 |
|
|
|
83,477 |
|
|
|
78,209 |
|
|
|
61,899 |
|
|
|
61,905 |
|
Other Assets |
|
|
6,072 |
|
|
|
6,176 |
|
|
|
6,093 |
|
|
|
20,048 |
|
|
|
20,081 |
|
|
|
|
$ |
1,092,255 |
|
|
|
$ |
1,095,823 |
|
|
|
$ |
1,015,119 |
|
|
|
$ |
1,086,927 |
|
|
|
$ |
1,125,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
portion of long-term debt |
|
|
$ |
81,593 |
|
|
|
$ |
26,600 |
|
|
|
$ |
20,400 |
|
|
|
$ |
20,351 |
|
|
|
$ |
20,351 |
|
Accounts
payable and accrued expenses |
|
|
23,436 |
|
|
|
26,399 |
|
|
|
25,969 |
|
|
|
27,029 |
|
|
|
26,187 |
|
Due to
SEACOR Holdings |
|
|
3,519 |
|
|
|
1,827 |
|
|
|
— |
|
|
|
2,497 |
|
|
|
2,838 |
|
Other
current liabilities |
|
|
47,014 |
|
|
|
46,055 |
|
|
|
34,647 |
|
|
|
39,233 |
|
|
|
44,707 |
|
Total
current liabilities |
|
|
155,562 |
|
|
|
100,881 |
|
|
|
81,016 |
|
|
|
89,110 |
|
|
|
94,083 |
|
Long-Term Debt |
|
|
233,904 |
|
|
|
274,408 |
|
|
|
217,805 |
|
|
|
209,724 |
|
|
|
194,115 |
|
Conversion Option
Liability on 3.75% Convertible Senior Notes |
|
|
27,109 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Deferred Income
Taxes |
|
|
117,332 |
|
|
|
121,028 |
|
|
|
124,945 |
|
|
|
131,225 |
|
|
|
148,307 |
|
Deferred Gains and
Other Liabilities |
|
|
39,324 |
|
|
|
38,820 |
|
|
|
41,198 |
|
|
|
44,374 |
|
|
|
48,368 |
|
Total
liabilities |
|
|
573,231 |
|
|
|
535,137 |
|
|
|
464,964 |
|
|
|
474,433 |
|
|
|
484,873 |
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR
Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common
stock |
|
|
177 |
|
|
|
177 |
|
|
|
177 |
|
|
|
177 |
|
|
|
177 |
|
Additional paid-in capital |
|
|
302,678 |
|
|
|
306,359 |
|
|
|
306,359 |
|
|
|
306,359 |
|
|
|
306,359 |
|
Retained
earnings |
|
|
208,025 |
|
|
|
242,017 |
|
|
|
249,412 |
|
|
|
310,987 |
|
|
|
338,920 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(9,690 |
) |
|
|
(10,679 |
) |
|
|
(11,337 |
) |
|
|
(11,024 |
) |
|
|
(10,668 |
) |
|
|
|
501,190 |
|
|
|
537,874 |
|
|
|
544,611 |
|
|
|
606,499 |
|
|
|
634,788 |
|
Noncontrolling interests in subsidiaries |
|
|
17,834 |
|
|
|
22,812 |
|
|
|
5,544 |
|
|
|
5,995 |
|
|
|
6,219 |
|
Total
equity |
|
|
519,024 |
|
|
|
560,686 |
|
|
|
550,155 |
|
|
|
612,494 |
|
|
|
641,007 |
|
|
|
|
$ |
1,092,255 |
|
|
|
$ |
1,095,823 |
|
|
|
$ |
1,015,119 |
|
|
|
$ |
1,086,927 |
|
|
|
$ |
1,125,880 |
|
|
SEACOR MARINE HOLDINGS
INC.FLEET
COUNTS(unaudited) |
|
|
|
|
Jun. 30,2017(1) |
|
|
Mar. 31,2017(1) |
|
|
Dec. 31,2016(2) |
|
|
Sep. 30,2016 |
|
|
Jun. 30,2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor handling towing
supply |
|
|
25 |
|
|
|
25 |
|
|
|
25 |
|
|
|
27 |
|
|
|
27 |
|
Fast support |
|
|
49 |
|
|
|
51 |
|
|
|
48 |
|
|
|
50 |
|
|
|
39 |
|
Supply |
|
|
26 |
|
|
|
28 |
|
|
|
28 |
|
|
|
31 |
|
|
|
33 |
|
Standby safety |
|
|
21 |
|
|
|
21 |
|
|
|
21 |
|
|
|
21 |
|
|
|
23 |
|
Specialty |
|
|
6 |
|
|
|
6 |
|
|
|
6 |
|
|
|
7 |
|
|
|
7 |
|
Liftboats |
|
|
15 |
|
|
|
15 |
|
|
|
15 |
|
|
|
15 |
|
|
|
15 |
|
Wind farm utility |
|
|
40 |
|
|
|
40 |
|
|
|
40 |
|
|
|
40 |
|
|
|
39 |
|
|
|
|
182 |
|
|
|
186 |
|
|
|
183 |
|
|
|
191 |
|
|
|
183 |
|
______________________
(1) Excludes six offshore support vessels retired and
removed from service.(2) Excludes eight offshore support vessels
retired and removed from service.
|
SEACOR MARINE HOLDINGS
INC.EXPECTED FLEET DELIVERIESAS
OF JUNE 30, 2017(unaudited) |
|
2017 |
|
|
2018 |
|
|
2019 |
|
|
2020 |
|
|
|
|
|
|
|
Q3 |
|
|
Q4 |
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Q1 |
|
|
Q2 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fast support |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
6 |
|
Supply(1) |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Wind farm utility |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
______________________
(1) Includes one vessel that may be assumed by a third party at
their option.
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